THE ELIZABETH CITY STATE UNIV FOUNDATION

EIN: 237115345 501(c)(3)

ELIZABETH CITY, NC

Total Revenue
$3,154,495
Total Expenses
$2,358,465
Total Assets
$22,540,024
Net Assets
$4,249,565
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Financial Trends

Organization Details

Formation Year
1971
Legal Domicile
NC
Principal Officer
LADANIEL GATLING II
Phone
2523353225
Tax Period
2024-07-01 to 2025-06-30

THE ELIZABETH CITY STATE UNIV FOUNDATION, founded in 1971, is a community nonprofit that reported $3.2M in total revenue in fiscal year 2024. Revenue decreased 6% compared to the prior year. The organization ran a surplus of $796K, a strong 25% operating margin.

Mission

GOVERNED BY A 20 MEMBER BOARD, THE FOUNDATION'S PURPOSE IS TO AID, SUPPORT AND PROMOTE TEACHING, RESEARCH AND SERVICES IN THE VARIOUS EDUCATIONAL, SCIENTIFIC, SCHOLARLY, PROFESSIONAL, ARTISTIC AND CREATIVE ENDEAVORS OF THE UNIVERSITY. THE ECSU FOUNDATION IS COMMITTED TO ENDURING THE FUTURE OF THE UNIVERSITY BY BUILDING ECSU'S ENDOWMENT TO PROVIDE FOR ITS NEED IN PERPETUITY. THE INVESTMENT AND ANNUAL REINVESTMENT, ALLOWED AT A HIGHER RATE OF RETURN THAN OTHER RESERVE FUNDS, OF THE ECSU FOUNDATION ENDOWMENT ALLOWS THE UNIVERSITY TO INCREASE ITS IMPACT ON THE REGION AS WELL AS THE CAPACITY TO MEET THE NEEDS OF THE STUDENTS IT SERVES.

Program Service Accomplishments

Program 1
Expenses: $105,990

PROVIDED FUNDING TO UNIVERSITY FOR DORMITORY RENOVATIONS.

Program 2
Expenses: $467,375

THE ECSU FOUNDATION PROVIDED SCHOLARSHIPS TO STUDENTS AT ELIZABETH CITY STATE UNIVERSITY.

Program 3
Expenses: $1,230,882 Revenue: $841,936

PROVIDED HOUSING FOR STUDENTS OF ELIZABETH CITY STATE UNIVERSITY THROUGH VIKINGS VILLAGE APARTMENTS.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $1,614,941
Program Service Revenue $821,404
Investment Income $682,884
Other Revenue $35,266
TOTAL REVENUE $3,154,495

Expense Breakdown

Grants Paid $573,365
Salaries & Benefits $0
Fundraising Expenses $0
Program Expenses $1,804,247
Other Expenses $1,785,100
TOTAL EXPENSES $2,358,465

Year-over-Year Comparison

2024 2023 Change
Revenue $3,154,495 $3,350,015 -0.1%
Expenses $2,358,465 $2,418,589 0.0%
Net Income $796,030 $931,426 -0.1%
Key Indicators
✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required
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Governance

Voting Members
17
Independent Members
16
Employees
N/A
Volunteers
21

Governance Policies

✓ Conflict of Interest Policy
✓ Whistleblower Policy
✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
5
$249,569
Total Directors
20
$249,569
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
KIMREY RHINEHARDT CHAIRMAN 4.00
Officer Director
$0 $0 $0
BERNADINE A COBB VICE CHAIRMAN 2.00
Officer Director
$0 $0 $0
JERMAINE MCKINLEY TREASURER 2.00
Officer Director
$0 $0 $0
ANNALISA CARAWAN MORGAN SECRETARY 2.00
Officer Director
$0 $0 $0
CATHERINE EDMONDS INTERIM CHANCELLOR 2.00
Director
$0 $0 $0
JENNIFER BAILEY BOARD MEMBER 2.00
Director
$0 $0 $0
COL RANDY B BELL BOARD MEMBER 1.00
Director
$0 $0 $0
JAMES BELL BOARD MEMBER 2.00
Director
$0 $0 $0
JAMES CHERRY II BOARD MEMBER 1.00
Director
$0 $0 $0
DIANA M GARDNER BOARD MEMBER 2.00
Director
$0 $0 $0
CHRISTINE EVANS NON-VOTING BOARD MEMBER 1.00
Director
$0 $0 $0
LORI GIBBS BOARD MEMBER 2.00
Director
$0 $0 $0
TIMOTHY MINOR BOARD MEMBER 2.00
Director
$0 $0 $0
NYLISSA SNAGG NON-VOTING BOARD MEMBER 1.00
Director
$0 $0 $0
ROBERT THIBEAULT NON-VOTING BOARD MEMBER 2.00
Director
$0 $0 $0
KEVIN WADE EXECUTIVE DIRECTOR/NON-VOTING MEMBER 40.00
Officer Director
$0 $65,837 $249,569
RAYMOND WEAVER BOARD MEMBER 2.00
Director
$0 $0 $0
KENNETH WEEDEN BOARD MEMBER 2.00
Director
$0 $0 $0
LISA WESTBROOK BOARD MEMBER 2.00
Director
$0 $0 $0
SADIE JOHNSON-CARTER BOARD MEMBER 2.00
Director
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 $3,154,495 $2,358,465 $22,540,024 $796,030
2024 $3,350,015 $2,418,589 $21,460,773 $931,426
2023 $2,677,330 $2,464,054 $20,234,174 $213,276
2022 $3,296,058 $3,000,230 $19,167,827 $295,828
2021 $2,780,872 $9,435,171 $21,052,714 $-6,654,299
2020 $2,773,827 $1,830,407 $17,145,033 $943,420
2019 $2,016,407 $4,186,826 $15,685,234 $-2,170,419
2018 $1,741,847 $2,157,138 $20,677,855 $-415,291
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